EM Morning Roundup: EM Slumped, Led By The Fragile Five

By Shuli Ren

Emerging markets continued to sell off today. Currencies fell. The Turkish lira plunged to a record low, the day after the central bank intervened in the currencies market for the first time in two years.

Argentina said it would ease currency controls, allowing Argentinians to buy dollars for savings in line with their income, after the peso tumbled 13% yesterday, the biggest drop since the 2002 crisis.

Thailand’s Constitutional Court ruled that the February 2 election can be postponed. Thailand’s equity market sighed with relief. The election, if proceeded, would only intensify the conflict as the opposition had already decided to boycott it. The Thailand SET Index gained 0.5%.

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About Emerging Markets Daily

Emerging markets have been synonymous with growth, but the outlook for individual nations is constantly changing. Countries from Brazil and Russia to Turkey face challenges including infrastructure bottlenecks, credit issues and political shifts. The Barrons.com Emerging Markets Daily blog analyzes news, data and research out of emerging markets beyond Asia to help readers navigate the investment landscape.

Barron’s veteran Dimitra DeFotis has been blogging about emerging market investing since traveling to India and Turkey. Based in New York, she previously wrote for Barron’s about U.S. equity investing, including cover stories and roundtables on energy themes. Dimitra was among the first digital journalists at the Chicago Tribune and started her career as a police reporter at the Daily Herald in the Chicago suburbs. Dimitra holds degrees from the University of Illinois and Columbia University, where she was a Knight-Bagehot Fellow in the business and journalism schools.